GOOG (387.50): comScore query search data out last night and the key takeaway is GOOG continues to take share. Here are comments from Piper Jaffray’s Gene Munster: “Google Increasing Lead In U.S. We continue to expect Google to report revenue slightly below Q2 consensus of down 1% q/q and like shares of GOOG. The highlights from the U.S. query data are as follows: • Google's total U.S. queries were up 3.8% m/m and 45.5% y/y (strongest since October 2007) in April. Queries showed a better-than-usual uptick m/m as April has only been up 1% for the prior two years. • Google controlled 64.2% U.S. search market share in April, up from 63.7% in March, also the highest U.S. market share the company has yet enjoyed. We expect Google to continue to post gains in market share for the foreseeable future given their constant innovation as demonstrated at their recent Searchology event. • We note that while Google emphasized the seasonality of their business, our checks with search engine marketers in April suggested strength at the end of March carrying into Q2. The first meaningful data point for the quarter, paid click data, should be out next week.” I would also note that YouTube searches saw a pretty remarkable month over month surge in April; Thomas Weisel comments on YouTube this morning: “YouTube continues to be a standout contributor for Google generating 3.17bn searches in the U.S., up 10.1% from 2.88bn last month and up 82% from 1.74bn in April 2008. YouTube currently represents 24.3% of U.S. Google site searches compared with 20.5% in April 2008 and is as large as all of Yahoo based on total U.S. queries in April.” Although YouTube monetization is not a near-term catalyst for earnings, longer-term analyst projections will increase if GOOG begins to demonstrate the ability to monetize the growth in YouTube clicks. Most analysts on the street are skeptical about YouTube monetization so this remains an area where GOOG could potentially deliver an upside surprise in 2010.

JPM (35.54): JP Morgan reports Apr master trust data: Net charge-offs 8.07% vs 7.13% in Mar and 6.35% in Feb. Delinquencies 4.91% vs 4.89% in Mar and 4.61% in Feb. Payment rate 17.16% vs 18.43% in Mar and 16.01% in Feb. Yield 14.56% vs 15.47% in Mar and 14.56% in Feb. Excess spread 3.31% vs 5.07% in Mar and 5.09% in Feb. 3-month average is now 4.49% from 4.92% last month. Keep in mind that credit card companies will be releasing their April Credit Card Trust data during the day.

BCS (14.90): FT provides color on potential sale of BGI asset management division: Investors: Recall that the FT's sister publication, FTD, reported earlier this evening that BlackRock was in talks to acquire BGI for at least €6B. Citing people familiar with the matter, the FT says that talks on the potential sale of BGI for about $10B are the outcome of an initial auction for iShares, which Barclays agreed to sell to private-equity firm CVC Capital for $4.2B in April. Recall that under a "go-shop" provision in the merger agreement, Barclays is allowed to seek alternative bids for iShares until 18-Jun. As has been previously reported, the paper notes that private-equity firms BC Partners and Hellman & Friedman are both considering counter-bids for iShares. According to the article, analysts have valued BGI at 12-15x its estimated pre-tax profits of €500M next year (more than half of which is expected to come from iShares), which would value the business at $8.2B-$10.3B

ANF (27.25): Abercrombie & Fitch reports Q1 EPS ($0.31): The results do not include a charge for the review of the Ruehl business, the amount of which is currently being determined. Reuters is ($0.12). Company reports revenues of $612.1M. We note revenues had previously been reported by month. Reuters is $623.8M. Domestically, ANF now expects to open ten mall-based stores in fiscal 2009, including two abercrombie stores, four Hollister Co. stores, two Gilly Hicks stores and two outlet stores.ANF now expects f09 capex to be appx $200M, including $155M related to new stores, up from prior guidance of $165-$175M, including $120-$125M for new stores.

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The purpose of this blog is to retain an electronic diary/archive of key market moving news and events. The morning note includes my personal views on the financial markets and fundamental research pulled from newswires, Bloomberg, First Call, and other market intelligent websites and blogs. The note helps me prepare for the trading day and helps my PM position the porfolio for upcoming events and catalysts.